Are you doing your crypto taxes?

Are you doing your crypto taxes?

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I expect an IRS agent to look at this and just say "fuck it, I'm sure it's right".

no im paying jews to do mine

I'm -50% from my initial investment, so no I'm not.

Lmao never ever ever

They aren't looking at much of anything manually other than people that make a lot of money. But eventually they are going to get all the gdax data and it will go through a computer and match with tax returns. When it does they can easily see that I did my taxes.

That said I had a few crypto to crypto transactions to binance I'm not putting in. However that first one bcash. I actually bought gdax litecoin and sent it binance, bought bcash then sold it on gdax. So it might flag eventually with the IRS but my bcash cost basis is the litecoin I bought on gdax so I could rationally explain it in an audit.

i suspect some underpaid wageslave data entry employees will enter all this information into a database to be checked by a computer

Nah, only losses here.

doesn't matter
If you had capital gains in 2017 you owe them, even if you lost money in 2018.

You were playing with the IRS's money otherwise.

>You were playing with the IRS's money otherwise.
t. IRS

You can write off losses, up to $3000 a year.

>inb4 I have no income.
You can save these losses for future years with the capital loss carryover worksheet in the schedule D instructions.

The fact that the income tax is a thing makes me hate the IRS. I ALREADY PAY THEM SO MUCH. FUCK THEM.

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it is true though, that is usually why they do withholding so people don't fall into these sort of problems.

OP here. Actually I'm not paying any taxes on my crypto gains. You must learn the Jew ways.

So if I haven't had income for 4 years I can basically carry over $12k? That'd pay my entire tax bill for 2017

people I know say they don't give a shit they aren't reporting any of it but they are only a few thousand in

The IRS is dying to make an example out of you, they will let you rot in a jail cell for life if it means others get the message and pay.

No you had to have those losses. For example about 12 years back I lost 8k in the stock market. For years I had no income going to college and being a neet. Max each year you can write off is 3k until that 8k is gone. If you make very little the standard deduction is enough and allows you to continue to defer your loss.

I would only need to pay a average tax of around 47% on my income this year, but i like my state, that's why i give them 60% of my income.

Law is the law. I'm not here to fight it.
I'll do my taxes to the best of my ability. You want to commit tax evasion then be my guest. Me, because I file, even if I fuck it up they can't get me for evasion. Just interest and penalties.

holy shit are you really writing on papers all the trades? land of the free lmao

Canadian here.

I only have to start regretfully declaring everything once I cash out to fiat? I don't have enough right now to make a big deal only like 3k but by eoy I'm hoping to hit ~40k. I swing trade pretty hard, I mean I have 28 pages of trades for 2 months....

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Just sales. If you buy ten times and sell once you just put the sale and combine the basis. So for example that bitcoin in the OP was two buy transactions on gdax and one sale.